20260312申万期货品种策略日报-聚烯烃（LL&PP）-20260312

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On Wednesday, the prices of polyolefins rebounded, and most spot prices of PE and PP also rebounded. The situation in the Middle East is volatile, especially the changing stances on the US-Israel-Iran conflict, which has an impact on the cooling of crude oil prices. Currently, the macro - environment has a significant impact on the chemical industry, and market sentiment is volatile. Investors should view the polyolefin market rationally at this stage [2] Group 3: Summary According to Relevant Catalogs Futures Market - Price Changes: For LL, the price increases on the previous day were 326 yuan/ton (January contract, 4.42% increase), 387 yuan/ton (May contract, 4.98% increase), and 362 yuan/ton (September contract, 4.86% increase). For PP, the increases were 239 yuan/ton (January contract, 3.35% increase), 377 yuan/ton (May contract, 4.82% increase), and 321 yuan/ton (September contract, 4.38% increase) [2] - Volume and Open Interest: The trading volumes of LL were 1,536 (January contract), 1,024,821 (May contract), and 225,165 (September contract). The trading volumes of PP were 5,803 (January contract), 1,181,121 (May contract), and 231,723 (September contract). The open interest changes of LL were - 67 (January contract), +9,286 (May contract), and +6,569 (September contract). The open interest changes of PP were +1,019 (January contract), +57,892 (May contract), and +18,490 (September contract) [2] - Spread: The current spreads of LL (January - May, May - September, September - January) were - 454, 348, and 106 respectively, compared with the previous values of - 393, 323, and 70. The current spreads of PP (January - May, May - September, September - January) were - 827, 551, and 276 respectively, compared with the previous values of - 689, 495, and 194 [2] Spot Market - Raw Materials: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2,662 yuan/ton, 8,325 yuan/ton, 880 US dollars/ton, 5,600 yuan/ton, 8,000 yuan/ton, and 8,100 yuan/ton respectively. The previous prices were 2,552 yuan/ton, 8,800 yuan/ton, 875 US dollars/ton, 5,600 yuan/ton, 8,550 yuan/ton, and 8,100 yuan/ton [2] - Mid - stream: The current price ranges of LL in the East China, North China, and South China markets were 7,900 - 8,550 yuan/ton, 7,800 - 8,600 yuan/ton, and 8,000 - 8,850 yuan/ton respectively. The previous price ranges were 7,700 - 8,250 yuan/ton, 7,600 - 8,250 yuan/ton, and 8,200 - 8,900 yuan/ton. The current price ranges of PP in the East China, North China, and South China markets were 7,800 - 8,150 yuan/ton, 7,800 - 8,200 yuan/ton, and 7,950 - 8,500 yuan/ton respectively. The previous price ranges were 7,750 - 8,000 yuan/ton, 7,600 - 7,900 yuan/ton, and 8,000 - 9,000 yuan/ton [2] News - On Wednesday (March 11), the settlement price of West Texas Intermediate crude oil futures for April 2026 on the New York Mercantile Exchange was $87.25 per barrel, up $3.80 from the previous trading day, a 4.55% increase, with a trading range of $81.79 - $88.99. The settlement price of Brent crude oil futures for May 2026 on the London Intercontinental Exchange was $91.98 per barrel, up $4.18 from the previous trading day, a 4.76% increase, with a trading range of $86.24 - $93.75 [2]